Data visualization, in which data is represented graphically, is helping advance business capabilities through the use of dashboards. It helps us understand the trends, outliers and patterns in data. Dashboards allow real time data to come in, which in turn allows data-driven decisions to be made. This is critical when quick decisions to buy or sell is necessary. This capability helps businesses thrive in the long run.
In traditional systems, data could only be deciphered by those in the IT department. It took time to access and analyze necessary data. It could take weeks to answer a single question. Now, with the use of dashboards, everyone in the company can make sense of data. In particular, C-level executives can now look at the data and know what it means. We can easily visualize the underlying business outcome. This, again, allows them to make quick decisions that help the business grow.
Businesses can also use this to predict where the business is going while looking to the past. Based on prior experiences we can estimate what impact changes will have in the future. Dashboards provide a broader results set and drilled down views for the business to understand their existing portfolio and decide on the next steps of how they have to run their business. What part of the business makes the most money? How are sales doing? Are we allocating enough funding to this sector? The answers to these questions are accessible in charts and graphs. Dashboards can also be color coded to further ease of use. Green is positive and red is negative. Changes can then be made to ensure everything goes green.
We can even create a single dashboard with pre and post analytics to compare the changes implemented. These new dashboard tools come up with the capability of running machine learning or analytics within the dashboard which enables us to create dashboards with some predictive analytic results.
It really is remarkable the things we can do with access to real-time, comprehensible data. It should be the goal of every organization to be data-driven and make decisions based off of data. Data never lies.
Want help building out your data dashboards? Have any questions on how to go about doing this? Contact us today, and we’ll happily share our experiences with you.